Entrepreneurs Marc Coucke and Philippe Vlerick now hold 93.15% of Smartphoto shares following their public takeover bid, the company announced on Friday.
Smartphoto, a Wetteren-based company specialising in personalised photo products, revealed that the offer will be reopened with an additional period, as the entrepreneurs have not yet reached the 95% threshold.
Coucke and Vlerick launched their bid through Alyrick, a special-purpose entity created for this endeavour. The initial acceptance period, which began at the end of April, concluded on Wednesday, offering Smartphoto Group shareholders €28.50 per share.
The duo was required to make a public takeover bid after acquiring more than 30% of the shares. As they currently own over 90% but less than 95%, they are obligated to reopen their offer. The new offer period will start on Monday and end on 16 June.
Should Alyrick fail to top the 95% mark by the end of this additional acceptance period, further extensions will be made.
The company’s board supports the public takeover bid.
